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THE FALL OF 2008 WAS AN EMOTWNAL ROLLERCOASTER for Holly Hotchner and her colleagues at the Museum of Arts and Design.
In September, the museum opened its bigger, snazzier new home at 2 Columbus Circle, the culmination of an epic fundraising effort and a long battle with preservationists. Unfortunately, September was the same month that Lehman Brothers collapsed and other financial firms were sent reeling, plunging the city deep into a recession.
"It was sort of like, 'Hooray, we did it, we're here!' " says Ms. Hotchner, director of the museum. "Then we heard the brakes screech and we wondered, 'How will we survive?' "
The 54-year-old institution--which showcases crafts and design--has survived, and then some. Like most of the city's cultural institutions, MAD has made cutbacks. But for a museum that dramatically expanded its operating budget and moved into an expensive new home in the teeth of the financial crisis, MAD is doing remarkably well.
The museum's fundraising prowess has been part of the reason: Its capital campaign in support of the expansion was mostly completed before the recession began, raising $86 million, as well as $13 million more for MAD's endowment. On top of that, attendance is up dramatically, the number of members has more than tripled to 6,500, and MAD is mining new sources of revenue, as well. All of this has allowed the museum to manage three times more gallery space than it used to have and an operating budget that has nearly doubled, to $9.5 million.
"We've exceeded our expectations in terms...